Please do not use excel, and please do not use single sum.

9. Consider the following investment projects: Item Current Practice Just-in-Time System Stockless Supply Start-up cost $0 $2.5 $5 Annual stock-holding cost $3 $1.4 $0.2 Annual operating cost $2 $1.5 $1.2 System life 8 years 8 years 8 years Assume that MARR = 15%. (a) Compute the IRR for each project. (b) If the three projects are mutually exclusive investments, which project should be selected according to the IRR criterion? 9. Consider the following investment projects: Item Current Practice Just-in-Time System Stockless Supply Start-up cost $0 $2.5 $5 Annual stock-holding cost $3 $1.4 $0.2 Annual operating cost $2 $1.5 $1.2 System life 8 years 8 years 8 years Assume that MARR = 15%. (a) Compute the IRR for each project. (b) If the three projects are mutually exclusive investments, which project should be selected according to the IRR criterion